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Total monetary assets of Austrians increase to 628 bln dollars in 2014: central bank

Xinhua, April 29, 2015 Adjust font size:

The financial assets of Austrian households increased 2.7 percent, or 16.6 billion U.S. dollars, in 2014 to reach a total of 627.6 billion U.S. dollars (572.4 billion euros), the National Bank of Austria (OeNB) stated on Tuesday.

The central bank said the growth in assets was made of 10.6 billion U.S. dollars in financial investments, and 6 billion U.S. dollars in a higher valuation of owned securities.

Overnight deposits also saw a significant increase of 10 billion U.S. dollars to reach a total of almost 100 billion U.S. dollars, representing a shift away from fixed-term deposits that decreased by 6.4 billion U.S. dollars, due to low interest rates.

Cash holdings by private households increased 877 million U.S. dollars to about 22 billion U.S. dollars in total, while the savings rate increased 0.2 percent over 2013 to 7.5 percent.

The OeNB said four out of every ten euros of the financial assets of Austria were held at domestic banks at the end of 2014.

Along with the assets, households also faced outstanding loans totalling 182 billion U.S. dollars for the year, of which 125 million U.S. dollars were related to housing loans. Endit